New York City headquartered private equity firm Warburg Pincus formed a $1 billion investment platform with Mumbai-based developer Runwal Group to develop shopping malls. Both companies will each hold a 50% stake in the platform and commit an equity capital of $200 million each. The partners will raise another $600 million as debt.
The platform will invest in and develop shopping malls across cities in India. It will also set up smaller format retail centers such as hypermarkets and cinema-anchored community malls. It is open to acquiring greenfield as well as brownfield projects to expand the platform. This initiative marks Warburg Pincus’ first such partnership for retail real estate in the country; it has similar platforms in China, Vietnam, and Indonesia.
Anish Saraf, managing director at Warburg Pincus India, said that with a growing middle class and expansion of branded retail, shopping malls present a “meaningful opportunity” to participate in India’s evolving consumption story.
Last updated: December 26th, 2025
